Eli Lilly to take animal health unit public

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FILE PHOTO: The logo of Lilly is seen on a wall of the Lilly France company unit, part of the Eli Lilly and Co drugmaker group, in Fegersheim near Strasbourg, France, February 1, 2018. REUTERS/Vincent Kessler

(Reuters) - Eli Lilly and Co (LLY.N) said on Tuesday it would spin off its Elanco animal health business and take it public.

Lilly will offer a stake of less than 20 percent and expects to complete the initial public offering during the second half of the year, the company said in a statement.

(This version of the story has been refiled to correct the second paragraph to say Lilly will offer less than 20 percent, not retain less than 20 percent.)